#我在Gate广场过新年

65,000 Longs Take Big Profits, Where Will Bitcoin Go Next?

Let me boast a bit: in the past couple of days, I’ve been saying that the support level at the weekly lower band around 65,000 could be a good place to go long. If Bitcoin can hold steady, a double bottom pattern will form on the daily chart, and the rebound could reach higher levels. Those who followed along have already taken profits. So, where will Bitcoin head next? How high can this rebound go?

📈 Technical Analysis: $75,000 or the First Target for the Rebound

Looking at the 4-hour chart, the current price is under dual pressure from the MA60 moving average and the round number at $70,000. It’s consolidating at a high level, but the volume is clearly decreasing. The consolidation suggests a higher probability of an upward breakout, and minor timeframes usually don’t present strong resistance levels. On the daily chart, once the price breaks above the current level without significant resistance, the next resistance is near the midline of the daily channel at around $75,000. This could also be the first target for the rebound. How the market develops afterward—whether it continues challenging the $80,000 round number or consolidates downward—remains to be seen.

💰 Market Sentiment: Will the Big A Funds Support Crypto During the Spring Festival Holiday?

On the funding side, during this recent decline, institutions have been increasing their holdings of Bitcoin and Ethereum through ETFs and other channels. The biggest buyers are undoubtedly Strategy and Bitmine. Cheap chips are always the most attractive in the market, and continuous bottom-fishing funds create an environment where falling prices attract more buying, giving the rebound its confidence.

Additionally, the traditional Spring Festival is just two days away. With a long holiday of up to 9 days, many funds in A-shares that don’t want to stay on duty might exit the market. Whether this massive capital will flow into the crypto and gold/silver markets is worth watching. Looking back over the past 12 years, Bitcoin has experienced significant gains during the Spring Festival period for 10 of those years. Can this year continue the “Spring Festival rally” pattern? We’ll see!

📊 News: Unexpected CPI Data Supports Against Non-Farm Payrolls’ Negative Impact

Last night’s US January CPI data came in below expectations, providing a positive boost and supporting a rebound in gold, silver, and cryptocurrencies. This positive data offset the negative effect of the US January non-farm payrolls report released on Wednesday, keeping the Fed’s rate cut prospects in March and June shrouded in mystery. When markets are crashing, the absence of bad news is the biggest good news. Calm market news might actually help push Bitcoin higher.

What do you all think about this rebound? Should you take profits and exit, or is it “the bolder you are, the more you’ll harvest”? Feel free to leave comments and discuss. Wishing everyone daily prosperity!